ACC increases stake

Accident Compensation Corp has taken its holding in Trans Tasman Properties to above 5 per cent, saying a low share price meant the company was great buying.

"Its net tangible asset backing is nearer $1 so getting a share for about 46c makes good sense," said an ACC executive after the stake-raising exercise announced on Friday.

ACC took its holding from 4.86 per cent to 5.51 per cent.

This year, Singapore-based Trans Tasman transferred all its Asian development sites into Asian Growth Properties, now trading on London's AIM index.